Gains, Pains and Capital

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Tony
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Tony
August 6, 2019 11:31 pm

Hello, Mr. Summers,

I have read your Crash Guide and I’m more than surprised – I’m staggered – that you first mention a “bank holiday,” then with regard to bullion storage you say;

“In terms of storing your bullion, you can store it in a safe deposit box at a bank.”

A safety deposit box in a bank is not a place to have bullion if the bank’s doors are closed.

Moreover, at any time the government can force banks to open safe deposit boxes. If that happens you then will have to provide evidence how you acquired the contents, especially if you have any significant cash there. The onus will be on you to prove your claim to the safe deposit box’s contents. How many people can supply historical records – maybe years – of everything they have in the safety deposit box?

If the IRS gets involved, and if you cannot give what they consider “adequate” proof of ownership of the contents of the safety deposit box and how it was acquired, it will be confiscated.

Why do you suggest putting anything in as a “safe” deposit box?

Sincerely,

Tony Reno

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